How to Get Punitive Damages Coverage even where Uninsurable
Sunday, April 4, 2010 at 11:52PM 
Since Oklahoma and about 1/2 of all states do not permit insurance carriers to indemnify in the event a court awards punitive damages you could easily justify that punitive damages exclusion in your Directors & Officers Liability. Punitive Damages are awarded in about 6% of all cases. There are many problems with this including, lawsuits filed in states where punitive damages are allowed even though you are in a state that does not allow them. One of the best forms of affordable protection is to add a "Most Favorable Venue" provision or endorsement to your policy.
Most favorable venue provisions state that with respect to the insurability of punitive damages, the law of the jurisdiction most favorable to the insurability of punitive damages will apply, provided the jurisdiction:
- is where the punitive damages were awarded, or
- is where the act giving rise to the punitive damages award occurred, or
- is where the insured is incorporated or maintains its principal place of business, or
- is where the insurer is incorporated or maintains its principal place of business.
I always ask for this coverage for our clients and our standard form now includes this type of coverage for no additional premium. Note that this has not been tested in a court case as of the date of this writing. By Chris L. Moxley
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